Reply With Quote
Treasury typo -- my bad
http://politicalticker.blogs.cnn.com...onus-loophole/
(CNN) — Treasury Secretary Timothy Geithner told CNN Thursday his department asked Sen. Chris Dodd to include a loophole in the stimulus bill that allowed bailed-out insurance giant American International Group to keep its bonuses.
In an interview with CNN's Ali Velshi, Geithner said the Treasury Department was particularly concerned the government would face lawsuits if bonus contracts were breached.
Dodd admitted to CNN Thursday he'd added the controversial provision after a Treasury official pushed for it. Earlier in the week, Dodd had said he had not played any role in the addition of the loophole.
Geithner told Velshi Thursday he takes full responsibility for the situation.
Also in the interview, airing in part at 5 pm ET on CNN, Geithner said:
- He does not believe TARP or the stimulus bill was rushed through Congress
- Calls for resignation are part of the job
-Officials will make sure that any further money comes with provisions (including executive compensation)
-His team will have a detailed plan for the banks w/in the next couple of weeks
-The recession will likely end in 2009, and 2010 will be a year of growth
Treasury typo -- my bad
Orthography is for wussies. Usage is king.
so he was worried about lawsuits if they didn't honor the contracts. yet, legislation is passed to recover these bonuses therefore nullifying the contract in a roundabout, unhonest, untrustworthy kinda way. now that's some change.
If the bargain was corrupt to begin with, why uphold the contracts?
If the recession is suppose to end in 09, why are they spending all that money in 2010 and 2011 as part of the economic stimulus?
Don't worry, Gino. Obama's forecast is a little too rosy. The recession isn't going to end this year.
B.O.T......Tim Geithner what did he know and when did he know it?
There are currently 1 users browsing this thread. (0 members and 1 guests)
Posting Permissions
